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Home My WebLink About0914 iul ~~,~~a s.ud cs.~~tga~;.~r dui~s hereb~• full~~ N~arr.~nt the titie to satd land, and e~~rry patt themot, and w~ll de(end die same .+~ainst the law•[ul ciaims uf all peesons whomsoe~~er. PROVIDED ALN'AYS, and ihese pcesents are exeruted a~d delivered upon the foilowing conditions, to wit: , The mortgagoc agrees to pay the mortgagee, oc order, the principal sum of plpq~~ ~~g,~p g~( ~ ]?ND NO/100 ~ Uol[ars (S 15,600.00 as e~•idenced by a note o[ even date herewith, with interest from date at the ' ; cate o1 N~ per centam ( 7 per annum on the unpaid baiance until pa~d. The said principal and interest shall be payable at the otfice of ~ ~ arocia~otv, ~?rlax • ouvna ~ coM~t~t. l00 Mast ~y stre~t, Jac~c~o~nvil3~. tiariea cw at such other place as the holder o[ the note may designate in w~iting, in monthly installments ot ~ H(~IDRSD T}~ ~p gpnpp Dollars (S 103.90 comn~encing on ~ the first day of l1~ly , 19 71 , and on the first day ot each month thereafter until the principal and interest are tully paid. except that the Einal payment of principal and interest, if not sooner paid, shall be due and payable on the first day o( ~pZ'il, 2001 ± And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and ever~~ the stipulations, agreements, conditions, and covena~ts of said promissory note and ot this mortgage, then this mortgage and the estate hereby cceated shall cease and be null and void. ' Y And the moctgagor turther covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amou~t equal to one or more monthly payments on the principal that ere next due on the note, on the [irst da~• of any month prior to maturity: Pro~ idPd, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepaymeat; end. provided turther~ that in the event the debt is paid in fuil prior to maturit~ and at that time it is insured under the provisions of the National Nousing Act, he will pay to the mortgagee an adjusted Premium charge of one per centum (19'0) of the original principal amount thereof. except that in no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges which would have ~ been pa~~able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. ~ 2. That, in order more fully to protect the secucity of this mortgage, the mortgagor, together with, and in addi- t tion to, the monthly payments under the terms of the note secured hereby, on the ficst dey of each month until the 3 said note is fu113- paid, will pay to the mortgagee the foliowing sums: An amount suftuient to pro~•ide the hotder hereo( with tunds to pay the ne:t mortQaQe insura~ce premium ?f this instru- ment and the note secured hereby are insured, or a monthlp charge (~n lieu ot a mortgage insurance premium) it they are held by the Secretary o( Housing and Urban Development, as follovcs: tl; I( and so long as said note o( even date and this instrument are insured or arc reinaured under the provisions o[ the \at:onai Housing Act, an ariount sufficient to accumutate in the hands of the holder one (1) month prior to its due date the annua! mortgage insurance premium, in order to provide such holder with [nnds to pay such premium to the Secretary o: Housing and Urb~n De~~elopment pursuant to the National Housing Act, as ameaded, and applicable Reg~t- lations therea~der, or i Il) {f and so long as said note of even date and th~s instrument are held bp the Secretary o[ Houstng and Urban bevelop- r.:ent, a monthiy charge (~n tieu ot a mortgage tnsurance prem~um) vehich shall be in an amount equal to one-twelfth (1 1') of one-half (~l) per centuTq o( the averaQe outstanding batance due on the note computed writhout taking into account delinquenc~es or prepayments; A sum eGuat to the ground rents, it any, next due, p1YS the premwms that will next become due and payable o~ poHcies fire and other hazard insurance covering the mortgaged property, plus ta:es and assessments ne:t due on the mort- ,;dged property (al! as estimated by the mnrtgagee) less all suma atready paid theretor di~ided by the number of months to elapsr before one month prior to the date wher? such ground renta, premiums, taxes, and assessments will become de- ! l~nquent, such sums to be held by mortgagee In trust to pay said ground rents, premiums, tues, andspecialassessments; ! and ~ [ ; Ail payr..ents mentinned in the two preceding subsections o[ this paragraph and all payments to be made u~der the note ~ secured herrby shaii be added together and the ag~egate amount thereof shall be paid by the mortgagor each month ~n a ~ E sing2e payment to be applied by the mortgagee to the tollowing item~ ia the ordet set fotth: ~ (1) prem~um charges under the contract of insur~nce with the Secretary ot Housu~ and Ucbap Deveiopment, or monthly ~ ~ cb+?He (in lieu ot mortgage ~nsurance premium), as the case may be; ~ • ~ fll) ground rents, ta:es. ~ssessments, fire, and other hazard lnsurance premwms; ~ ; t211) interest on the note secured hereby; and ~ ; U~'f ~mortizauon of the pr?ncipal o( sud note. ~ Any deticiency in the ar.~ount of such aggregate monthly payment shall, unless made good by the mortgagor ~ ~ prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~ r.:ay collect a"late charge" not to exceed two cents (2¢) tor each dollat (S1) of each payment more than fifteen ~ tl~) da}•s in a~rears to cover the extra expense in~•olved in handling delinquent payments. ; ~ 3_ That iE the total of the payments made by the moctgagor under (b) oE paragraph 2 preceding shali exceed = ~ the amou~t ot pay~ments actually made by the mortgagee, !or ground rents, taxes and assessments and insurance ~ ~ premi~ms, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ~ ceding shall not be suE[icient to pay ground rents, taxes and assessm.-nts and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the moctg:.gor shall pay to the mo~tgagee any amount ' - necessary to make up the deficiency, on or befae the date when payment of such ground cents, taxes, assessments, or insurance premiums shali be due. If at any time the mortgagor shall tender to the mortgagee in accordance with - the provisions of the note secured hereby, futl payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount d such indebtedness, credit to the account of the mortgagor atl peyments ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to peyto ~ ' tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ ~ prnvisions of of sa~d paragraph 2. If there shall be a detault under any of the provisio~s of this murtgage, ce- ; - sult~ng ~n a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherw~se atter ~ default, the mortgagte shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ ert~• ~s otherwise acquired, the balance then remaining in the tunds accumulated under (b) of paragraph 2 preceding _ as a credit against the amount of pcincipal tnen remaining unpaid under said note and shalt properlyadiust any ~ payme~ts which shall have been made under (u) of said paragraph. ~ 4. 7'hat he will pay aU taxes, assessments, water rates, and other governmental or municipal charges, Gnes, ~ or imposit~ons. for which pro~•is~on has not been made hereinbefore, and in default thereo( ihe mortgagee may pay ~ the same; and that he w~ll promptly deliver the o[ficial rece~pts therefor to th~ mortgagee. 'b~ h~' :~jj ti ~~~9~ 9i3 . _ . : , ~ ~ . : ~